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I am not considered eligible for this because I currently own a Co-Op (for about 2 years). My question is... if I buy a new house with my girl friend and we put her name on it too, does that qualifiy us? I have no worries about my gf actually owning half my house, i understand what that means to me and it is fine.
My question is, does anyone know if that would work? I have the full time job, she is in college. Just courious... it kills me that there is $8000 out there that I cant get myself. The house that I buy I plan on staying at for some time, and I am not buying an expsive house, so $8000 is actually a good chunk for me!
I am not considered eligible for this because I currently own a Co-Op (for about 2 years). My question is... if I buy a new house with my girl friend and we put her name on it too, does that qualifiy us? I have no worries about my gf actually owning half my house, i understand what that means to me and it is fine.
My question is, does anyone know if that would work? I have the full time job, she is in college. Just courious... it kills me that there is $8000 out there that I cant get myself. The house that I buy I plan on staying at for some time, and I am not buying an expsive house, so $8000 is actually a good chunk for me!
Sorry, but not jointly. Your current co-op ownership disqualifies you.
If she were to buy it herself, in her name, that would work of course. But since she has no income, she can't get a mortgage; however, with you as a co-signer on the mortgage it might possibly work (subject to lender's approval), but she'd have to be the only owner at closing.
That doesn't mean she can't add you to the title down the road, however, that would have potential gift tax implications, unless you're planning on getting married and she "gifts" you half of the house after the marriage - gifts between spouses have no tax consequences.
Elke you are not corret with that. If a house is bought where both parties are joint tenants in common then all of the $8000 credit can be claimed on the taxes of the person who is a first time home buyer. If both of them were 1st time home buyers then they would each claim $4000 per tax return. If they were married however this cannot be claimed, so both parties would have to file single on their taxes for 2008 or 2009. I am in this position and will be getting married this year but for tax purposes you can claim this on an amended 2008 return when both of us are single. Fiance is a 1st time home buyer and I am not. In any event, both parties names can be on the property and mortgage, even if one half of the party is not a first time homebuyer.
Elke you are not corret with that. If a house is bought where both parties are joint tenants in common then all of the $8000 credit can be claimed on the taxes of the person who is a first time home buyer. If both of them were 1st time home buyers then they would each claim $4000 per tax return. If they were married however this cannot be claimed, so both parties would have to file single on their taxes for 2008 or 2009. I am in this position and will be getting married this year but for tax purposes you can claim this on an amended 2008 return when both of us are single. Fiance is a 1st time home buyer and I am not. In any event, both parties names can be on the property and mortgage, even if one half of the party is not a first time homebuyer.
Elke you are not corret with that. If a house is bought where both parties are joint tenants in common then all of the $8000 credit can be claimed on the taxes of the person who is a first time home buyer. If both of them were 1st time home buyers then they would each claim $4000 per tax return. If they were married however this cannot be claimed, so both parties would have to file single on their taxes for 2008 or 2009. I am in this position and will be getting married this year but for tax purposes you can claim this on an amended 2008 return when both of us are single. Fiance is a 1st time home buyer and I am not. In any event, both parties names can be on the property and mortgage, even if one half of the party is not a first time homebuyer.
I was referring to a married couple
You are correct, you are in that "exception" position, because they now permit filing an amendment on the 2008 tax return.
Glad to see some buyers out there are well informed - good for you
BTW, title is either "Joint Tenants" in the case of a married couple, or "Tenants in Common" in cases where property is owned jointly. With Joint Tenants, or JTWROS, the other party automatically inherits the property; with Tenants in Common, each owner (can be more than two) can "will" his/her share to anyone they want - it goes into that individual's estate.
but it had to be bought between april 2008 & april 2009 for you to be considered eligible...I think.
For the original Tax Credit, (refundable $7,500), closing needed to be between April - December 2008. For the $8,000 Tax Credit, closing needs to be between Jan. 1st - November 30th of this year.
If someone closed in June could they still amend their 2009 tax return and how long is it taking to receive it once they file?
As long as you make sure it's your 2008 tax return
And if you elect direct deposit into your checking account, you'll get the money much faster then if you request a check!
As long as you make sure it's your 2008 tax return
And if you elect direct deposit into your checking account, you'll get the money much faster then if you request a check!
I stand corrected. I meant the 2008 return. Thanks Elke!
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Your current co-op ownership disqualifies you.
